How to grow an online jewellery business using omnichannel retailing?
The phenomenal growth of Indian e-commerce has undoubtedly boosted the growth of numerous businesses – and gold jewellery is no exception! The majority of Indian jewellery brands have started selling online - Tanishq, Caratlane, Malabar Gold, and Bluestone, to name a few.
Are you considering launching an online jewelry store in 2022? We have some good news for you.
India's $135 million online jewellery market is projected to become a $2 billion market by 2022, and about 18% of the sales are expected to be made online by 2025, taking its worth to about $79 billion annually.
The advent of technology, social media, and the internet has transformed the jewellery industry. The market is growing at a breakneck pace and is brimming with opportunity, particularly for those ready to take bold steps and embrace innovation.
Challenges & painpoints of an online jewellery store
Changing customer’s habit of trying & buying jewellery
Customers still prefer to walk into a brick-and-mortar jewellery store to check the look, feel, and style of jewellery before making a purchase. If they do not get the opportunity to put on the jewellery on their own, the buying experience feels incomplete.
Adoption of online jewellery shopping by the people
Online jewellery purchasing is not the same as shopping for fast-moving consumer goods, electronics, or baby products. Customers have been purchasing jewellery from jeweller shops for hundreds of years. It's difficult to break a shopping habit in a few years.
Jewellery portals don’t allow sufficient interaction
Before purchasing, customers can weigh it, and inspect it from all angles. Purchasing ornaments offline require prolonged customer engagement. Most jewellery sites do not allow such good interaction with products as you get only a few high-quality images or videos, and you have to choose from them.
Concerns over pricing, purity & overall quality
Consumers continue to have concerns about the jewellery’s pricing, purity, and overall quality, which prevents them from completing a transaction.
Customers are confused about their right to return or exchange jewellery purchased online if they are dissatisfied with their purchase.
Effective strategies to grow online jewellery business using omnichannel retailing
Omnichannel retailing refers to a business strategy that creates a seamless shopping experience for customers on any platform or device. Retailers can increase their brand presence and reach a wider audience by using the power of omnichannel strategy.
Here are some of the best omnichannel strategies to help grow an online jewellery business:
Transform your e-commerce brand into an omnichannel brand
Historically luxury brand Tiffany & Co.has dazzled the world with its legacy, and this time by creating a seamless omnichannel experience for its customers.
Tiffany & Co. has launched its Indian eCommerce site, tiffany.co.in, in collaboration with Fynd – India’s largest omnichannel platform. With this e-commerce site, customers across India can seamlessly go on an omnichannel journey while shopping for Tiffany’s iconic products.
The website offers a variety of services, including diamond consultations with in-house experts, in-store private appointments, and personal shopper services to assist in selecting the perfect Tiffany jewelry. Customers can wish-list favourite products and get complimentary shipping to all cities, all of which contribute to a truly unforgettable shopping experience.
Have you ever tried on jewellery virtually and loved the experience without physically visiting the store?
Virtual Try Ons are the future of the jewellery industry, providing clients with a valuable, pleasurable, and smooth purchasing experience. It makes jewellery shopping convenient, without any hassles, and gives freedom to customers to check how it looks on them so that they can decide without a doubt.
Purpose-built for online shoppers, the Virtual Try-On technology utilizes the camera on a laptop/smartphone to allow customers to Try-On selected jewellery such as chains, earrings, nose pins, and necklaces.
There are three easy steps to Try n Buy authentic Solitaire & Diamond jewellery on Candere:
- Spot the camera icon to try
- Share, download, and save
- Buy & flaunt in style
Augmented Reality (AR)
Even though numerous brands opened jewellery shops after the pandemic, customers were still hesitant to visit the store due to hygiene, safe environment, and social distancing concerns.
AR applications can bridge the offline and online shopping gap and offer an authentic customer experience across multiple touchpoints.
Augmented Reality enables customers to have a try-on-and-feel experience without physically visiting and touching the jewellery. Tanishq used the MirrAR app to provide a secure and seamless consumer experience and built its first zero-stock experience zone at the New Delhi & Bengaluru airports.
The MirrAR app enables customers to digitally try on jewellery in real-time without wearing it physically. Customers can 'Try and Buy' by seeing themselves wearing the jewellery on the Augmented Reality (AR) screen. The app is currently being used by other jewellery retailers like PC Jewellers, Kalyan Jewellers, Amrapali, and Senco.
Click here to learn how to enhance Omnichannel Retail Strategy using Augmented Reality (AR)?
Omnichannel Customer Engagement
Omnichannel brands do not have to worry about a separate customer engagement strategy on every sales channel compared to multi-channel.
Omnichannel customer engagement involves interacting with clients and prospects over several channels to maintain their interest in a product or service. Businesses can ensure that customers receive a consistent experience even if they switch platforms in the middle of a conversation.
Must read: 4 most impactful ways to enhance your omnichannel customer experience
Build brand trust
An omnichannel jewellery brand is everywhere for its customers. They are present on every imaginable channel like social media channels, chatbots, email, mobile marketing, search engines, display advertising, and referral websites.
Customers view the brand as trustworthy as it maintains a significant presence and provides a consistent shopping experience regardless of where they purchase. The brands provide a tailored customer experience and maximize shopper convenience through a centralized inventory management system, unique pricing, order fulfillment, product delivery, loyalty, and discount offers across all channels.
Customers place a high premium on such brands and have fewer reservations about the product's quality, cost, and purity.
Endless aisle is a killer strategy to improve the customer shopping experience across channels magically.
Suppose a buyer visits a jewelry brand store in quest of a superb piece of jewelry suiting their style, fit & size. They were drawn to a piece of jewelry in the catalog but could not locate it in-store due to the design being unexpectedly out of stock. In this situation, the customer can complete their purchase via an Endless Aisle application on a tablet or touch screen tv that displays the jewelry brand's unified inventory from in-store and online inventories. The order can be delivered straight to the customer's delivery address or a selected store nearby the customer's home location.
An Endless Aisle solution ensures that a customer's order is fulfilled even when the product is unavailable in the physical store or online store, ensuring a happy shopping experience.
Our endless Aisle solutions powered by Fynd assures these incredible benefits to customers:
- Stronger order fulfillment boosts revenue & keeps companies profitable.
- Helps deliver enhanced customer experience for Gen Y customers
- Find out about client shopping habits, interests, and preferences
- Assist customers who wish to shop independently
- Avoids lost revenue due to unavailability of product
- Helps mix & match products to create the perfect look
- Assures increased footfalls of in-store customers
- Wider product selection & faster services
We hope you find our article helpful to grow an online jewellery business using omnichannel retailing.
If you want to know more about its implementation and how Fynd can assist in growing online jewellery business, Contact us. Our team of consultants are always happy to assist and guide you in every possible manner.